Johnson & Johnson 1Q Results

Johnson & Johnson

1Q Revenues: $22.3 billion (+8%)

1Q Earnings: $6.2 billion (+7%)

Comments: Pharmaceutical sales were $12.2 billion in the quarter, up 10%. Sales growth in the quarter was driven by DARZALEX ($3.6 billion, +19%) for the treatment of multiple myeloma, STELARA ($2.1 billion, +18%) for the treatment of immune-mediated inflammatory diseases, ERLEADA ($261 million, +83%), a next-gen androgen receptor inhibitor for prostate cancer, TREMFYA ($418 million, +41%) for moderate to severe plaque psoriasis and active psoriatic arthritis, INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA ($965 million, +9%), a long-acting, injectable for schizophrenia, IMBRUVICA ($1.1 billion, +9%) for certain B-cell malignancies. This growth was partially offset by biosimilar and generic competition, with declines primarily in REMICADE (-22% to $777 million) and ZYTIGA (-8% to $638 million). R&D expenses were up 23% in the quarter to $3.2 billion. U.S. COVID-19 vaccine sales were $100 million in the quarter.